Due to the disclosure requirements for listed companies, information about securities issuers is available to the market participants promptly and most importantly, simultaneously. The resulting transparency allows the market participants to make an informed assessment of companies and enhances investor confidence. Transparency leads to “fair” prices that are not falsified by an imbalance in information, a lack of information or rumours, and thus to efficient pricing.
“Regulated information” within the meaning of Article 81a para 1 no. 9 BörseG shall, in addition to an EU-wide disclosure pursuant to the Veröffentlichungs- und Meldeverordnung (VMV; FMA Disclosure and Reporting Regulation), be transmitted by issuers whose securities have been admitted to trading on a regulated market via electronic data dissemination systems to the storage system (IssuerInformationCenter Austria), which is operated by the OeKB. This mostly concerns ad hoc disclosures, financial reports and changes in major holdings.
The main tasks of the OeKB’s storage system include storing and providing regulated information of issuers via the OeKB Website.
Supervision with respect to the disclosure requirements consequently affects a wide range of technical issues. As a result of the implementation of Directive 2004/109/EC (Transparency Directive), the FMA is responsible for supervising compliance with disclosure requirements under Articles 81a ff. BörseG only if the issuer’s home member state is Austria.
Supervision of issuers and shareholders with respect to the disclosure requirements contained in the Stock Exchange Act basically relates to securities issuers whose securities have been admitted to trading on a regulated market (in Austria: Official Market and Second Regulated Market of Wiener Börse AG).